Cigna (CI) Company Report

Reaffirmed full-year EPS guidance of at least $29.60, underscoring strong operational execution amid market challenges
Launched a transformative rebate-free PBM model delivering upfront drug discounts, a flat administrative fee delinked from drug prices, and pharmacy reimbursements at acquisition cost plus dispense fee
Rollout schedule set for fully insured Cigna Healthcare clients in 2027 and the broader Express Scripts book in 2028, with manufacturer recontracting ongoing
Investing equally in 2026–2027 across technology, process/operations optimization, client and manufacturer recontracting, and data analytics to support the dual-track model; investment spend to dissipate in 2028
Proactively extended contracts with Centene, Prime Therapeutics, and the DOD—totaling $90 billion in revenues—through the end of the decade to ensure volume stability

Nov 12, 2025, 4:00 PM

Transcript

Cigna reports Q3 2025 results

Earnings

Guidance Update

New Projects/Investments

Cigna posted $69.7 billion in revenues and $1.9 billion net income; adjusted EPS of $7.83, and reaffirmed 2025 guidance of at least $29.60 per share.
Transitioning to a rebate-free pharmacy benefits model, aiming for 50% adoption by 2028.
Completed strategic investment in Shields Health Solutions to bolster specialty services.
Healthcare insurance revenue fell 18% due to the sale of Medicare Advantage plans; Evernorth segment revenue rose 15% year over year.
Served 18.1 million members in Q3, with the Department of Defense as its largest PBM contract through 2029.

Oct 30, 2025, 4:25 PM

Morningstar

Cigna reports Q3 2025 results and outlines PBM transformation

Earnings

Guidance Update

New Projects/Investments

The Cigna Group posted Q3 revenues of $69.7 billion and adjusted EPS of $7.83, and reaffirmed its full-year 2025 EPS outlook of at least $29.60.
Evernorth delivered Q3 revenues of $60.4 billion and pre-tax adjusted earnings of $1.9 billion; within that, specialty and care services grew revenues 10% to $26.3 billion with earnings up 11% to $928 million, while pharmacy benefit services reported $34.1 billion in revenues and $1 billion in earnings, all in line with expectations.
Cigna Healthcare generated Q3 revenues of $10.9 billion and pre-tax adjusted earnings of $1 billion; its medical care ratio was 84.8%, with higher risk-adjustment revenue offset by operating cost efficiencies.
Looking to 2026, the company expects EPS growth, with Cigna Healthcare and specialty/care services growing at the high end of their long-term targets, while pharmacy benefit services operating income will decline due to strategic client renewals and investments in a new model.
Cigna is rolling out a rebate-free, delinked fee-based pharmacy benefits model, to be adopted 100% for fully insured lives in 2027, broadly offered in January 2028, and transitioning ≥50% of its book by end-2028, backed by investments in recontracting, technology, and analytics.

Oct 30, 2025, 12:30 PM

Transcript

Cigna reports Q3 2025 results

Earnings

Guidance Update

Product Launch

The Cigna Group posted Q3 revenue of $69.7 billion and adjusted EPS of $7.83, reaffirming its full-year 2025 adjusted EPS outlook of at least $29.60.
Evernorth delivered $60.4 billion in revenues and $1.9 billion of pre-tax adjusted earnings, driven by 10% revenue growth in specialty and care services (to $26.3 billion) and stable pharmacy benefit services (revenues $34.1 billion, earnings $1.0 billion).
Cigna Healthcare reported $10.9 billion in revenues and $1.0 billion of pre-tax adjusted earnings, with a medical care ratio of 84.8%, as higher individual exchange costs were offset by operating efficiencies.
The company unveiled a rebate-free, delinked fee-based pharmacy benefits model—mandatory for fully insured lives in 2027 and covering 50% of its book by end-2028—expecting short-term margin pressure in pharmacy benefit services but EPS growth in 2026.
Through Q3, operating cash flow was $3.4 billion and debt-to-capitalization stood at 44.9%, underpinning ongoing cash returns and strategic investments.

Oct 30, 2025, 12:30 PM

Transcript

Cigna Group reports Q3 2025 results

Earnings

Guidance Update

Total revenues rose 10% year-over-year to $69.7 billion in Q3 2025.
Shareholders’ net income was $1.9 billion, or $6.98 per share, up from $0.7 billion, or $2.63 per share in Q3 2024.
Adjusted income from operations amounted to $2.1 billion, or $7.83 per share in Q3 2025, broadly in line with prior year.
The company reaffirmed its 2025 adjusted EPS outlook of at least $29.60 per share.

Oct 30, 2025, 10:15 AM

8-K

Cigna reports strong third quarter 2025 results

Earnings

Guidance Update

Product Launch

Cigna Group’s total revenues for Q3 2025 rose 10% year-over-year to $69.7 billion.
Shareholders’ net income was $1.9 billion, or $6.98 per share; adjusted income from operations was $2.1 billion, or $7.83 per share.
The company reaffirms its full-year 2025 outlook for consolidated adjusted income from operations of at least $29.60 per share.
Launched a new rebate-free pharmacy benefit model to lower costs, improve transparency, and support local pharmacies.

Oct 30, 2025, 10:00 AM

Press Release

Cigna to roll out rebate-free pharmacy model nationwide by 2028

New Projects/Investments

Product Launch

The new Evernorth model eliminates post-purchase rebates, offering upfront discounts negotiated with drug manufacturers at the point of sale to improve pricing transparency.
It is expected to reduce average monthly prescription costs by about 30% for consumers, especially those with high-deductible health plans.
Cigna Healthcare plans to adopt the model for fully insured members in 2027, with full implementation across all Evernorth clients by 2028.
Starting in 2026, a new reimbursement structure will compensate community pharmacies based on medication costs plus dispensing fees and payments for clinical services.
The model features technology that automatically compares pricing options at the pharmacy counter to ensure consumers pay the lowest available price.

Oct 27, 2025, 10:32 AM

WSJ

Cigna unveils rebate-free pharmacy benefit model

Product Launch

Evernorth, Cigna’s health services arm, introduced a transparent, rebate-free pharmacy benefit model to lower out-of-pocket drug costs and simplify pricing for consumers and employers.
The new model will cut brand-name prescription costs by an average of 30% for Americans, particularly those in high-deductible plans, by automatically selecting the lowest of negotiated, cash discount, direct-to-consumer or copay prices.
Cigna Healthcare will adopt the rebate-free benefit for fully insured members in 2027, with general availability to all Evernorth pharmacy clients in 2028.
A revamped pharmacy reimbursement framework, effective 2026, pays community pharmacies on a cost-plus dispensing-fee basis and offers additional fees for clinical services, aiming to support local providers and improve patient care.

Oct 27, 2025, 10:15 AM

Press Release

Cigna and UnitedHealthcare to Cover Cleerly LABS Plaque Analysis from October 2025

Starting October 1, 2025, Cigna and UnitedHealthcare will provide coverage for Cleerly LABS AI-powered coronary CT plaque analysis.
Coverage aligns with Medicare local coverage determinations and EviCore guidelines, deeming AI-QCT/AI-CPA medically necessary for patients with acute or stable chest pain and specific CAD-RADS categories.
Cleerly LABS is validated against invasive modalities, achieving 0.96 AUC vs. IVUS and 0.97 AUC vs. NIRS, and benchmarked against Level III readers.
The policy aims to broaden access to noninvasive plaque quantification, enabling personalized treatment decisions and reducing invasive diagnostic procedures.

Sep 30, 2025, 3:02 PM

Press Release

Cigna announces nationwide coverage of Heartflow’s next-gen AI plaque analysis

Product Launch

Heartflow’s next-gen AI-powered Plaque Analysis platform received FDA 510(k) clearance, offering advanced 3D visualization and improved plaque detection for coronary artery disease diagnosis.
Cigna will provide nationwide coverage of Heartflow’s plaque analysis across all its plans starting in October, joining UnitedHealth in covering the technology.
The platform leverages data from over 273,000 patients and is the only FDA-cleared AI plaque quantification tool validated against intravascular ultrasound (IVUS).
Experts highlight its role in delivering detailed insights into plaque type, volume, and distribution to enhance risk prediction and personalize treatment.

Sep 22, 2025, 8:26 PM

Morningstar

Earnings Transcripts

Quarterly earnings call transcripts for Cigna.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did David Cordani say about margins?What are Cigna's strategic priorities?How is Cigna positioned vs competitors?How did Cigna do last quarter?

Let Fintool AI Agent track Cigna's earnings for you

Get instant analysis when filings drop